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London property market February 2020

London property market: February 2020 update

Property bought for £350,000,000 in 2014 to open with Raffles brand in 2022

Located in the heart of Whitehall, the former government building, which has housed secretaries of state Lord Kitchener, T. E. Lawrence and John Profumo as well as Winston Churchill during World War II will be transformed into a five-star 125 key luxury hotel and 85 studio-to-five bedroom apartments.

Property research portal PrimeResi have now reported that the Hindujas and OHLD – owners of the Grade II listed building, have agreed a deal with Raffles to operate the five star hotel and serviced apartments. The EPR-designed scheme will be called “The OWO” and is expected to open its doors in 2022.

London property market – December 2019 bounce in property prices

Land registry data (UK HPI)  December Av. price   Monthly change    12 month

England                                   £251,711                        +0.6%                 +2.2%

London                                    £483,922                       +1.6%                 +2.3%

Kensington and Chelsea        £1,294,207                     +2.1%                  -3.8%

City of Westminster               £984,511                        +1.8%                   +2.1%

Commentary

  • In England the December data shows, on average, house prices have risen by 0.6% since November 2019. The annual price rise of 2.2% takes the average property value to £251,711.
  • The East of England experienced the greatest monthly price rise, up by 2.1%.
  • London shows, on average, house prices have risen by 1.6% since November 2019. An annual price rise of 2.3% takes the average property value to £483,922.
  • The average property price in the Fulham is now £629,529 representing an annual increase of 1%.
  • In December 2019, the most expensive borough to purchase a property remained Kensington and Chelsea, where the average cost was £1.3 million. In contrast, the cheapest borough to purchase a property was Barking and Dagenham, where the average cost was £304,000.

Nicholas Portelli is the founder and Director of Hyde Park Residential, a property firm based in central London specialising in sourcing real estate in the UK www.hydeparkresidential.co.uk. If you would like to discuss any aspect of this update with Nicholas, then please contact him at nicholas@hydeparkresidential.co.uk.

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